Promotions across all EV brands and models in China (40% glo...

Promotions across all EV brands and models in China (40% global deliveries), excl. insurance, financing rebates (which r in op costs). Competition will rise in 24 implying accelerating cap raise & shareholder dilution, as most BEV OEMs have LSD gross margin. $Tesla(TSLA.US)$ $NIO Inc(NIO.US)$ $XPeng(XPEV.US)$